The latest market report published by Credence Research, Inc. “Global Autonomous Electric Tractor Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Autonomous Electric Tractor Market generated revenue of around USD 640.3 million in 2020 and anticipated to grow at a CAGR of over 24.1% during the forecast period from 2021 to 2027 to reach around USD 2,856.8 million in 2027.
Global Autonomous Electric Tractor Market, 2020 – 2027 (USD Million)
Browse the full report at https://www.credenceresearch.com/report/autonomous-electric-tractor-market
Autonomous electric tractor is an unmanned agricultural machine used for tillage and other agricultural purposes. Advanced technology includes components such as sensors and machine vision systems to perform various agricultural tasks. Automatic agricultural vehicles provide high traction (or torque) at low speeds. These tractors use GPS and other wireless technologies to cultivate the land without the need for a driver. They only need to monitor the progress at the control station with the help of a supervisor or operate under the guidance of a manned tractor. Precision agriculture focuses on maximizing returns while using the least resources. With the help of GPS devices and computers, farmers can use tractors more effectively.
Key Trends in Global Autonomous Electric Tractor Market
Shifting customer preference for autonomous electric tractors across the globe
Increasing demand for autonomous electric tractors, coupled with growing population, rising food demand, etc. are factors projected to drive growth of the global autonomous electric tractor market. In addition, shifting customer preference for autonomous electric tractors owing to efficient farming is another factor expected to drive the growth of the global market. Autonomous electric tractors provide farmers with many advantages, such as increased productivity and accuracy, which further protects the crops, thereby increasing the return-on-investment (ROI). Furthermore, increasing awareness about autonomous electric tractor, customers are ready to pay a premium price for products which in turn is projected to drive revenue growth of the global market.
Farmers in countries such as the US and Australia are facing labor shortages. The average age of the farmers is increasing, due to increasing demand for automatic electric tractors in various countries. Also, market participants are adopting new strategies to promote the target market growth.
Impact of COVID 19 on Autonomous Electric Tractor Market
As the effect of the coronavirus outbreak, the virus has spread across the globe. The COVID-19 led to decline in manufacturing of the autonomous electric tractor due to shutdown across the globe. This affected the supply chain of the raw materials as well as end-product in several countries across the globe which hampered growth of the global autonomous electric tractor market.
Global Autonomous Electric Tractor Market by Component Insights
Sensor, GPS, Vision System, and Other Components are the major sources through autonomous electric tractor. Sensor segment accounted for the largest share of the global autonomous electric tractor market in 2020. It is expected that by 2025, demand for radar will be gain more traction in the autonomous market. Radar sensors can determine the speed, range and angle of moving objects, and can work in almost all-weather conditions. They are cost-effective than LiDAR systems, but more expensive than cameras, which makes them the preferred choice for manufacturers to consider other components for autonomous electric tractors.
Global Autonomous Electric Tractor Market by Application Insights
Global Autonomous Electric Tractor Market is segmented based on End-user as Tillage, Harvesting, Seed Sowing, and Other Applications. Tillage segment accounted for the largest share of the autonomous electric tractor market in 2020, due to increasing food demand across the globe.
Global Autonomous Electric Tractor Market by Regional Insights
North America market is accounts for highest revenue contribution to the global market. This is attributed to high demand for autonomous electric tractor in the region is due to high spending power and shifting preferences of customers for autonomous products in countries in the region. The Asia Pacific market is expected to be an emerging market for the global market, and is expected to register highest CAGR during the forecast period. This is attributed to the recent advancements of technology and various research & development activities of agronomists, farming activities are increasingly automated to adapt to the cultivation of large areas and row crops. Furthermore, the markets in Europe, Middle East & Africa and Latin America are expected to register moderate growth rate during the forecast period.
Global Autonomous Electric Tractor Market Competitive Landscape
Most prominent players in the global Autonomous Electric Tractor Market include AGCO Corporation, Autonomous Solutions, Inc., Autonomous Tractor Corporation, CNH Industrial, Deere & Company, KINZE Manufacturing, Kubota Corporation, Mahindra & Mahindra, Trimble, and Yanmar. The report covers very detailed profiles of these key players. Top six players accounted for over 45% share of the autonomous electric tractor industry in 2020.
Global Autonomous Electric Tractor Market by Component, 2015 – 2027
· Vision System
· Other Components
Global Autonomous Electric Tractor Market by End-user, 2015 – 2027
· Seed Sowing
· Other Applications
Global Autonomous Electric Tractor Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Autonomous Electric Tractor Market: Key Players
· AGCO Corporation
· Autonomous Solutions, Inc.
· Autonomous Tractor Corporation
· CNH Industrial
· Deere & Company
· KINZE Manufacturing
· Kubota Corporation
· Mahindra & Mahindra